Blake and David dive into the economic implications of Trump's election victory, including proposed tariffs that could significantly impact businesses and inflation. They explore potential tax changes under a new Trump administration, from corporate rate reductions to the elimination of the SALT cap. They also examines an alarming $47 million IRS fraud scheme targeting tax practitioners and debate the future of Bitcoin as speculation grows about a potential national Bitcoin reserve.

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Chapters

(00:00) - Welcome to The Accounting Podcast
(03:05) - Avalara Crush Conference Insights
(07:48) - AI and the Future of Tax Compliance
(13:21) - Trump's Economic Impact
(17:26) - Tariffs and Global Trade
(25:40) - Tax Proposals and Implications
(36:53) - Bitcoin's Meteoric Rise and Market Speculations
(47:43) - AI Adoption in the Workforce
(49:53) - IRS PPS Fraud: A Deep Dive
(01:00:49) - PCAOB Drama and Audit Deficiencies
(01:06:49) - BOI Reporting and AICPA's Response
(01:10:33) - Closing Remarks and CPE Information

Show Notes

How Trump Won the Economy-is-Everything Election

https://www.livemint.com/politics/news/how-trump-won-the-economy-is-everything-election-11730973573508.html

How Will Trump’s Universal and China Tariffs Impact the Economy?

https://taxfoundation.org/blog/trump-tariffs-impact-economy/

Which Workers Are Embracing AI?

https://www.chicagobooth.edu/review/which-workers-are-embracing-ai

Actions Were Not Taken to Timely Strengthen Practitioner Priority Service Telephone Line Authentication Controls

https://www.tigta.gov/sites/default/files/reports/2024-10/2025ier001fr.pdf

Fraudsters get $47 million from practitioner priority service line scheme

https://www.journalofaccountancy.com/news/2024/nov/fraudsters-get-47-million-from-practitioner-priority-service-line-scheme

Freddie Freeman on World Series MVP, Ohtani Media Mayhem and His Surprising Backup Career | Ep 109

https://www.youtube.com/watch?v=ZimDH_hW7LU

PCAOB board member complains of persecution by senators

https://www.accountingtoday.com/news/pcaob-board-member-complains-of-persecution-by-senators

AICPA to Congress: Delay needed in BOI reporting deadline

https://www.thetaxadviser.com/news/2024/nov/aicpa-to-congress-delay-needed-in-boi-reporting-deadline

New Development Re: BOI Reporting – 44 Congressmen Seek to Delay FinCEN Beneficial Ownership Reporting

https://gpwcpas.com/new-development-re-boi-reporting-44-congressmen-seek-to-delay-fincen-beneficial-ownership-reporting/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Trump's Tax Plans, IRS PPS Fraud, & PCAOB Drama

The Accounting Podcast